Technical Analysis & Forecast 19.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair received support at the 1.0732 level. By now, a growth wave to 1.0787 has been performed. Today the market is forming a consolidation range under this level. With an escape upwards, the correction could extend to 1.0816. Once this level is reached, a decline to 1.0774 might follow (a test from above). Next, a new growth structure to 1.0852 might form. With a downward escape from the range, the decline wave could continue by the trend to 1.0717.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair received support at the 1.2550 level. By now, a growth wave to 1.2623 has been performed. Today the market is forming a consolidation range under this level. With an escape upwards, the correction could continue to 1.2650. Once this level is reached, a decline to 1.2608 might follow (a test from above). With a downward escape from the range, the potential for a decline to 1.2531 might open.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair performed a growth wave to 150.63. Today the market has demonstrated a decline wave to 150.01. A consolidation range is currently forming around this level. With an escape from the range downwards, the potential for a decline wave to 149.37 might open. With an upward escape, the growth wave could continue to 150.80.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair continues developing a consolidation range around the 0.8810 level without any obvious trend. With a downward escape, the correction could continue to 0.8781, from where the decline might extend to 0.8735. With an escape upwards, the potential for a growth wave to 0.8897 could open.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair received support at 0.6496 and performed a growth wave to 0.6551. Today the market is forming a consolidation range under this level. With an escape upwards, the correction might continue to 0.6578. With a downward escape, the potential for a decline by the trend to 0.6435 could open.

BRENT

Brent has completed a growth wave to 83.05. A correction link to 81.35 is not excluded today. Once the correction is over, a rise to 83.66 could follow, from where the trend might extend to 85.90. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold received support at the 1995.72 level. By now, it has completed a growth wave to 2011.08. Today the market has formed a consolidation range around this level and, escaping it upwards, extends the correction wave to 2026.55. Once this level is reached, a decline to 2011.08 could follow (a test from above). Next, a new growth structure to 2037.27 might develop.

S&P 500

The stock index completed a growth link to 5043.0. Once this level was reached, the market performed a correction link to 4997.3. Currently, a consolidation range is forming above this level. With an escape from the range downwards, a decline to 4952.0 might follow. With an upward escape, a growth link to 5078.0 is not excluded, followed by a decline to 4952.0. This is the first target.